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Maples And Calder Assists London's First Islamic Bond Listing

by Amanda Banks, Tax-News.com, London

29 December 2006


Maples and Calder, the offshore law firm, have acted as Cayman Islands counsel to the issuer, ADIB Sukuk Company Ltd. in establishing its US$5 billion sukuk issuance programme - the first Islamic-compliant bond to be listed on the London Stock Exchange.

Cayman Islands registered ADIB Sukuk Company Ltd., a special purpose entity set up by Abu Dhabi Islamic Bank (ADIB), has issued investors with sukuk and will use the proceeds to acquire a co-ownership interest in a portfolio of assets comprising ‘Ijara’ (lease) contracts from ADIB, with the two parties becoming co-owners of the assets.

Commenting on the transaction, Maples and Calder Dubai managing partner, Tahir Jawed who led the team said:

“This is a very important development for the whole Islamic finance market, which has seen phenomenal growth in the last few years.

"The size of transaction and the fact that it is listed on the London Stock Exchange demonstrates that the global financial community has recognised the enormous potential of Sharia compliant products and that they are now accepted as a mainstream asset-class by investors. The transaction also shows that the Cayman Islands are fast becoming the leading offshore jurisdiction for Islamic finance structures.”


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